The procurement systems in India have grown immensely in all the industries. Everyday new and innovative trends are immerging in the market. The supermarkets have taken an important place in the modern age society of India. In this blog, we have come up with list of new trend with respect to procurement in India. So, let’s get started.
1. Sourcing: The profound insight of strong foundation of the strategic procurement:-
The supermarkets have started focusing on the strategic procurement in order to build the strong foundation for the entire system. The procurement managers have started relying on the smart solutions (web based solutions) for the procurement in order to ensure the efficiency of the system and maintain the accuracy of the process. Majority of the supermarkets have adopted centralized cloud based solutions in order to automate the sourcing process. For instance, such system can track the important steps of the process such as negotiating the bids, vendor performance etc. automatically.
2. Supplier Selection: Based on pricing to performance management:-
The stores have started being conscious in making decisions about the vendors based on various aspects such as timely delivery, accuracy of the service, quality, pricing etc. Such conscious decisions contribute to maintain the continuous and minimal error process to bring more productivity for the business. This way, the other strategic goals such as value, risk minimization and quality etc. can be met simultaneously.
3. Contract: Creation and Monitoring:-
The procurement managers of the supermarkets have a tough job to maintain the contracts as they are involved in continuous procurement process. Thus, contract management has come up as an important trend that is more like a rescue team in difficult situations. Contract management helps to build the standard norms and terms for both the parties. One can easily keep an eye on the spend data through the same. In fact, you can even track the contract effectiveness after the execution of the contract.
4. Requisition: A complete streamlined process:-
Requisition leads to the streamlining of the entire material purchase process. It focuses more on the cloud automation in the digital world. For instance, the respective authority can approve the purchase order online. Once done, the both parties get the receipt of the same and final check-out of the goods & services are initiated.
5. Payments: complete leverage on contract payment, discounts and advantages on transactions:-
The another important trend is that the supermarkets are emphasizing more and more on transparent processes with vendors, suppliers & associated stakeholders. Such practices have encouraged the involved parties to manage the cash flows, leveraging in high volume buys, preventing frauds against ghost, inflated or duplicate invoices, and has encouraged discounts on early payments. In fact, the rebates, loyalty membership, club membership schemes are promoted widely among the Indian supermarkets.
The procurement in supermarkets has become a backbone of Indian economy. We come up with such new informative blogs regularly. Stay tuned to read such new blogs!!!